WASHINGTON - Ways and Means Committee Ranking Member Sander Levin (D-MI) and Trade Subcommittee Ranking Member Jim McDermott (D-WA) today issued the following joint statement after the Senate voted 62-38 to move forward to crack down on China’s manipulation of its currency. China’s currency is undervalued by an estimated 28 percent, costing one-million plus American jobs, mainly in the manufacturing sector.
“The Senate today sent a strong bipartisan message that it is ready to act to level the playing field with China. There is no excuse for the House to continue to drag its feet. House Republican leaders should immediately bring up the Currency Reform for Fair Trade Act for a vote so that we can reconcile the House and Senate bills and begin to effectively confront China’s currency manipulation. One million-plus American jobs are at stake."
